The simple interest on a certain sum of money at 4% p.a. for 4 years is Rs. 67 more than simple interest on the same sum for 3 years at 5% p

Question

The simple interest on a certain sum of money at 4% p.a. for 4 years is Rs. 67 more than simple interest on the same sum for 3 years at 5% p.a. Find the sum of money.

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Alice 2 weeks 2021-09-14T01:42:01+00:00 1 Answer 0 views 0

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    0
    2021-09-14T01:43:25+00:00

    Answer:

    ANSWER

    For ,

    N=4years

    R=4 %

    We have S.I.=

    100

    PNR

    =

    100

    P×4×4

    =

    100

    16P

    =0.16P

    And on interest being compounded for 3 years and R=5 %, Amount=P(1+

    100

    R

    )

    N

    =P(1+

    100

    5

    )

    3

    =P×(1.05

    3

    )=1.157625P

    So, C.I.=A−P=1.157625P−P=0.157625P

    Given, S.I.−C.I=Rs228

    =>0.16P−0.157625P=Rs228

    =>0.002375P=Rs228

    =>P=Rs96,000

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